The odds of pcx stock coming out the other side of BK is remote at best. There are so many variables that it is just easier to cancel the old stock and issue pro-rata shares or more likely warrants for the old shares.
That is what Tronox did - they cancelled the old shares and issued warrants to buy new shares based on a formula they came up with. It was a very good deal for those like me who purchased lots of BK shares in the penny a share range.... those shares aren't part of this settlement - only the shares I bought in the weeks leading up to the BK filing. Not a ton of money but I like free money for something I made a killing on during the BK.
Another BK - Trailerbridge was a lot easier and quicker - the OS was a mere 12 mil shares and most were owned by insiders. I bought at .03 and .06 and sold on the news when they announced .14 a share to sell out or pro-rata portion of 9% of newco coming out of BK...... I sold out at .23.
Every one is different, some good some others just evaporate when the hammer falls.
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